The Malaysian Institute of Estate Agents (MIEA) has warned the public against illegal real estate brokers, who are merely out for quick gains.
MIEA President Lim Boon Ping said claims of fraudulent agents in the media should first be verified to establish whether the involved agents are registered.
This comes as any misrepresentation of the term “real estate agent” may cause distrust, confusion and disrepute to the profession, he explained.
“Illegal brokers are out there for quick profits and they are not trained, recognised or authorised to do any real estate transactions,” said Lim as quoted by Free Malaysia Today.
Read more: Learn more about how MIEA regulates the industry
Registered agents, on the other hand, have passed part 1 and 2 of the real estate exams in a period of at least two years. They have also undergone post-practical training for another two years, noted Lim.
Upon completion, they have to take a professional competence examination before the Board of Valuers, Appraisers, Estate Agents and Property Managers register their names in the official list of real estate agents in Malaysia.
Governed by the Valuers, Appraisers, Estate Agents and Property Managers Act, real estate agents have fiduciary responsibilities to their clients while adhering to a code of conduct and ethics.